SPAIN’S Repsol has discovered hydrocarbons in its TB14 well in the TSP block offshore Trinidad and Tobago, east of the island of Trinidad, upgrading the northern portion of its Teak B field.

The TB14 well has produced 1,200 barrels of oil a day of good quality crude in testing and is in commercial production, with a total reserve estimate of 40 million barrels of oil in place.

The well adds to the start-up in June of the TB13 well, which added 1,384 barrels of oil per day to the field’s output. The new wells add 24% to the block’s existing production, which averaged 10,900 bopd during 2013.

Repsol operates the field with a 70 per cent interest, partnered by co-venturers Petroleum Company of Trinidad and Tobago (Petrotrin) and The National Gas Company of Trinidad and Tobago (NGC), each with a 15% stake.

The companies have been carrying out a drilling campaign to add new resources and production to the TSP block, with at least two more wells to be drilled in 2014.

Repsol said fiscal reforms recently implemented by the government of Trinidad and Tobago incentivised exploration and production in mature fields such as the TSP block, which has been producing since the 1970s.

The news came as Repsol reported a 47% increase in net income during the first half of the year to €1.33 billion.

The earnings reflect a good performance of the company’s businesses as well as the success in obtaining a compensation agreement for the expropriation of Argentina’s YPF, Repsol said.

Repsol had received bonds from the Republic of Argentina which were sold to JPMorgan for almost US$5 billion.

Repsol also sold its remaining 12.38% stake in YPF for $1.3 billion.

The company had also made discoveries in Russia, Brazil and Alaska, it said.